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if under paragraph ]S hereof '.}re l'ralre Iti ;- -o's c -;c 1'rot~rtc s f,ci:F=n~.i;e ar~clu"~Qd lr~ l.~r:Ricr..,t~nder
<br />sha;~Il~~aIPp1Y, no latkr tlhan i',mmcwiiaravly prior to tint gale of tluc• Pnalnrrty or it.~ a qui~itian ln- 1'~~rrn+,lar- any Funrli=
<br />Ibelq'1 b)~ Lender r!it i.lre tirne of a~ppiic°atiarp a<= e4rea~iit e ~,nju:~t rcr t x rW.~ .= rasre~ },;• tiny \Iarig ~~
<br />~ A~dieatian of"Payments Lnle„~- apq~rl'icahlc Iaru pxorrcic,h r:,l7~er•tr ~.. all payment. rt;eeived b~y J..ender
<br />Mm~~ 1Clse'Not~e and '~parttgraphs'I anti ~ hiereai al,ekll hr alrphe~ is• %caaalc~ r hr~s ur l,ayrne~~nt a, apnounts payable ti7
<br />I,er~d~r ~y;Bairower under par~gralah 2 lperco~'. ~tliex to interest, ptwya.lu,ic~ are than rots't and an hu.ture~ Adt-•a~ncc~~. i~i
<br />any, and~then~ to the principal of the tiate arui to the principal of huturc :'<d+.-anecs. i f env.
<br />4. Charges; Liens. Borrower shall pay all taxes, asse~mert.=. and other charges, fines and impositions attrib-
<br />utable to the Property which may attain a priorty over this \-iortgage, and ground rents, if any, at Lender's
<br />~ option in the manner provided under paragraph 2 hereof or by Borrower making payment; when due, directly to
<br />;-~ the payee thereof. Borrower shall promptly furnish to Lender all notices of amounts due under this paragraph,
<br />'rJ and in fire event Borrower shall make payment directly, Borrower shall promptly 1uti1isl: to Lender receipts evi-
<br />;-~ dencing such payments. Borrower shall promptly discharge any lien which has priority over this \iortgage; pro-
<br />~ vided, that Borrower shall not be required to discharge any such lien so long as Borrower shall agree in writing to
<br />~ the payment of the obligation secured by sucb lien in a manner acceptable to Lender, or shall in good faith contest
<br />' such lien by, or defend enforcement of such lien in, legal proceedings which operate to prevent the enforcement of
<br />~ the lien or forfeiture of the Property or any part t hereof.
<br />~ S. Hazard Insurance. Borrower shall keep the iurprocements now existing nr hereafter erected on the Prop-
<br />erty insured against loss by fire, hazards included within fire term '`extended coverage", and such other hazards as
<br />Lender may require and in such amounts and for such periods as Lender may require: provided, that Lender shall
<br />not require that the amount of such coverage exceed that amount of coverage required to pay the sums seeured'by
<br />this Mortgage.
<br />The insurance carrier providing the insurance shall he chosen by Borrower subject to approval br- Lender;
<br />provided, that such approval shall not he unreasonably withheld. All premiums on insurance policies shall be paid
<br />at Lender's option in the manner provided under paragraph 2 hereof or by Borrower making payment, when due,
<br />directly to the insurance carrier.
<br />In the event any policy is not renewed on or before ten days of its expiration, the Lender, to protect
<br />its interest, may procure insurance on the improvements, pay the premiums and such sum shall become
<br />immediately due and payable with interest at the rate set forth in said Hate until paid and shall be
<br />secured by this Mortgage. Failure by Borrower to comply may, at option of Lender, constitute a default
<br />under the terms of this Mortgage.
<br />All insurance policies and renewals thereof shall he in form acceptable to Lender and shall include a standard
<br />mortgage clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policies and
<br />renewals thereof, and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid pre-
<br />miums. In the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender, and Lender
<br />may make proof of loss if not made promptly by Borrower.
<br />Unless Lender and Borrower otherwise agree in writing, insurance proceeds shall be applied to restoration or
<br />repair of the Property damaged; provided such restoration or repair is economically feasible and the security of
<br />this Mortgage is not thereby impaired. If such restoration or repair is not economically feasible or if the security
<br />of this Mortgage would be impaired, the insurance proceeds shall he applied to the sums secured by this Aortgage,
<br />with the excess; if any, paid to Borrower.-If the Property is abandoned by Borrower or if $orrower fails to respond
<br />to Lender within 30 days after notice by Lender to Borrower that the insurance carrier offers to settle a claim for
<br />insurance benefits, Lender is authorized to collect and apply the insurance proceeds at Lender's option either to
<br />restoration or repair of the Property or to the sums secured by this \Srtgage.
<br />Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
<br />not extend or postpone the due date of the monthly installments referred to in paragraphs i and 2 hereof or change
<br />the amount of such installments.
<br />If under paragraph 18 hereof the Property is acquired by bender, all right, title and interest of Borrower in
<br />and to any insurance policies and in and to the proceeds thereof (to the extent of the sums secured by this Mort-
<br />. gage immediately prior' to such sale or acquisition) resulting front damage to the Property prior to the sale or
<br />acquisition shall pass t-0 Lender.
<br />6. Preservation sad Mainteaoxtce of Property; Leaseholds; Condominiums. Borrower shall keep the Prop-
<br />, erty in good repair and stroll not permit or commit waste, impairnrent, or deterioration of the Property and shall
<br />crmply with the provisions of any lease, if this Siortgage is on a Ieasehold. If this iriortgage is an a can+iominium
<br />unit, F3orrower shall perform ail of Borrower's ab{igations tinder the deelaraiion of condominium ar master-deed;
<br />the by-laws-and regulations of the condominium project and constituent. documents.
<br />7. Protection of Lender's Security. If Borrower fails to perform the covenants and agreements contained in
<br />this Mortgage, or if any action or proceeding is commenced which materially affects Lender's interest in the Prop-
<br />erty, including, but not limited to, eminent domain, insolvency, code. enforcement, or arrangements or proceed-
<br />ings involving a bankrupt or decedent, then Lender at Lender's option, upmr notice to Harrower, rosy make such
<br />appearances, disburse such sums and take such action as is necessary to protect Lender's interest, including, but
<br />not limited to, disbursement of reasonable attorney's fees and entry upon the Property to make repairs. Any
<br />amounts disbursed by Lender pursuant to this paragraph 2, with interest thereon, shall become additional indebt-
<br />edneas of Harrower secured by this Mortgage. Unless Borrower and Lender agree to other tertus of payment, such
<br />amounts shall be payable upon notice from Lender to Harrower requesting payment thereof, and shall bear inter-
<br />estfrom the date of disbursement at the rate stated in the Note unless payment of interest at such rate would be
<br />contrary to applicable law, in which event such amounts shall bear interest at the highest rate permissible by
<br />applicable law. Nothing contained in this paragraph 7 shall require Lender to incur any expense or do any act
<br />hereunder.
<br />lt. Iappeetion. Lender may make or cause to he made reasonable entries upon and inspections of the Prop-
<br />erty,,prarided that Lensier shall. give Borrower notico pria• to any such inspection specifying reasonable -cause
<br />therefor related to Lender's interest in the Property.
<br />$. Cor:deminatioa The proceeds of any award or claim for damages, direct or consequential, in connection
<br />with. any condemnation another taking of the Property, or part thereof, or for conveyance in lieu of condemns-
<br />- - loon,- are Hereby-assigned and shall be paid to Lender.
<br />In the event of a total taking of the Property, the proceeds-.shall be applied to the sums secured by this Mort-
<br />- gage, with.tli~excess~ if-any, paid to Borrower. In the event of a partial taking of the Property, unless Borrower
<br />and Lender o7,tiertivise agree in writing, there shall` be applied to'the sums secured by this 14lortgage such propor-
<br />Lion of-the prtacaeds-as is equal to that proportion which-the amount, of the sums secured by this Mortgage imme---
<br />• diately prior,to the date of taking bears ~,o. the-fair ri7arket value of the Property immediately prior to the date of
<br />taking, with tH® balance of the proceeds paid to Borrower.
<br />If the~roperty is abandoned by Borrower ar if -after notice by Lender to Borrower that the condemnor offers
<br />to make an sward tjr settle a eisiin #or damages, Harrower fails ta, respond to Lender within 30 days of the date
<br />afaHoL nofai~,-Lender is suthoriseck to eoileat and -apply the proceeds'at Lender's opf.ion either to restoration or
<br />~ of the Property Qr to.tHe slims seeaied by. .this Mortgage.
<br />Unless-Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall
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